T. Rowe Price International Funds Inc.

08/24/2026 | Press release | Distributed by Public on 08/24/2026 06:55

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

June 30, 2026

Dynamic Global Bond Fund

Investor Class (RPIEX)

This semi-annual shareholder report contains important information about Dynamic Global Bond Fund (the "fund") for the period of January 1, 2026 to June 30, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dynamic Global Bond Fund - Investor Class
$38
0.76%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$4,747,781
Number of Portfolio Holdings
403
Table Summary
Portfolio Turnover Rate
55.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Government Bonds
57.5%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
17.4
Corporate Bonds
10.1
U.S. Government & Agency Mortgage-Backed Securities
1.8
Commercial Paper
1.1
Bank Loans
0.9
Asset-Backed Securities
0.9
Non-U.S. Government Mortgage-Backed Securities
0.6
Convertible Bonds
0.5
Short-Term and Other
9.2

Top Ten Holdings (as a % of Net Assets)

Table Summary
United Kingdom Gilt
22.9%
U.S. Treasury Notes
12.0
Government of New Zealand
7.9
U.S. Treasury Inflation-Indexed Notes
5.4
Brazil Notas do Tesouro Nacional
5.1
United Mexican States
4.6
Kingdom of Thailand
2.6
Republic of Serbia
2.1
Government of Japan
1.9
Bonos de la Tesoreria de la Republica en pesos
1.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F35-053 8/26

Dynamic Global Bond Fund

Investor Class (RPIEX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2026

Dynamic Global Bond Fund

Advisor Class (PAIEX)

This semi-annual shareholder report contains important information about Dynamic Global Bond Fund (the "fund") for the period of January 1, 2026 to June 30, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dynamic Global Bond Fund - Advisor Class
$45
0.90%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$4,747,781
Number of Portfolio Holdings
403
Table Summary
Portfolio Turnover Rate
55.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Government Bonds
57.5%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
17.4
Corporate Bonds
10.1
U.S. Government & Agency Mortgage-Backed Securities
1.8
Commercial Paper
1.1
Bank Loans
0.9
Asset-Backed Securities
0.9
Non-U.S. Government Mortgage-Backed Securities
0.6
Convertible Bonds
0.5
Short-Term and Other
9.2

Top Ten Holdings (as a % of Net Assets)

Table Summary
United Kingdom Gilt
22.9%
U.S. Treasury Notes
12.0
Government of New Zealand
7.9
U.S. Treasury Inflation-Indexed Notes
5.4
Brazil Notas do Tesouro Nacional
5.1
United Mexican States
4.6
Kingdom of Thailand
2.6
Republic of Serbia
2.1
Government of Japan
1.9
Bonos de la Tesoreria de la Republica en pesos
1.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F235-053 8/26

Dynamic Global Bond Fund

Advisor Class (PAIEX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2026

Dynamic Global Bond Fund

I Class (RPEIX)

This semi-annual shareholder report contains important information about Dynamic Global Bond Fund (the "fund") for the period of January 1, 2026 to June 30, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dynamic Global Bond Fund - I Class
$26
0.52%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$4,747,781
Number of Portfolio Holdings
403
Table Summary
Portfolio Turnover Rate
55.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Government Bonds
57.5%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
17.4
Corporate Bonds
10.1
U.S. Government & Agency Mortgage-Backed Securities
1.8
Commercial Paper
1.1
Bank Loans
0.9
Asset-Backed Securities
0.9
Non-U.S. Government Mortgage-Backed Securities
0.6
Convertible Bonds
0.5
Short-Term and Other
9.2

Top Ten Holdings (as a % of Net Assets)

Table Summary
United Kingdom Gilt
22.9%
U.S. Treasury Notes
12.0
Government of New Zealand
7.9
U.S. Treasury Inflation-Indexed Notes
5.4
Brazil Notas do Tesouro Nacional
5.1
United Mexican States
4.6
Kingdom of Thailand
2.6
Republic of Serbia
2.1
Government of Japan
1.9
Bonos de la Tesoreria de la Republica en pesos
1.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F535-053 8/26

Dynamic Global Bond Fund

I Class (RPEIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2026

Dynamic Global Bond Fund

Z Class (TRDZX)

This semi-annual shareholder report contains important information about Dynamic Global Bond Fund (the "fund") for the period of January 1, 2026 to June 30, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dynamic Global Bond Fund - Z Class
$0
0.00%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$4,747,781
Number of Portfolio Holdings
403
Table Summary
Portfolio Turnover Rate
55.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Government Bonds
57.5%
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
17.4
Corporate Bonds
10.1
U.S. Government & Agency Mortgage-Backed Securities
1.8
Commercial Paper
1.1
Bank Loans
0.9
Asset-Backed Securities
0.9
Non-U.S. Government Mortgage-Backed Securities
0.6
Convertible Bonds
0.5
Short-Term and Other
9.2

Top Ten Holdings (as a % of Net Assets)

Table Summary
United Kingdom Gilt
22.9%
U.S. Treasury Notes
12.0
Government of New Zealand
7.9
U.S. Treasury Inflation-Indexed Notes
5.4
Brazil Notas do Tesouro Nacional
5.1
United Mexican States
4.6
Kingdom of Thailand
2.6
Republic of Serbia
2.1
Government of Japan
1.9
Bonos de la Tesoreria de la Republica en pesos
1.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1247-053 8/26

Dynamic Global Bond Fund

Z Class (TRDZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant's annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant's annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a - b) Report pursuant to Regulation S-X.

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
June
30,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
RPIEX
Dynamic
Global
Bond
Fund
PAIEX
Dynamic
Global
Bond
Fund-
.
Advisor Class
RPEIX
Dynamic
Global
Bond
Fund-
.
I Class
TRDZX
Dynamic
Global
Bond
Fund-
.
Z Class
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7
.58‌
$
7
.80‌
$
7
.78‌
$
8
.52‌
$
9
.54‌
$
9
.89‌
Investment
activities
Net
investment
income
(1)(2)
0
.20‌
0
.39‌
0
.36‌
0
.41‌
0
.43‌
0
.16‌
Net
realized
and
unrealized
gain/
loss
0
.07‌
(
0
.18‌
)
0
.05‌
(
0
.83‌
)
(
0
.10‌
)
(
0
.15‌
)
Total
from
investment
activities
0
.27‌
0
.21‌
0
.41‌
(
0
.42‌
)
0
.33‌
0
.01‌
Distributions
Net
investment
income
(
0
.21‌
)
(
0
.33‌
)
(
0
.29‌
)
(
0
.02‌
)
(
0
.25‌
)
(
0
.23‌
)
Net
realized
gain
-‌
-‌
-‌
-‌
(
1
.10‌
)
(
0
.13‌
)
Tax
return
of
capital
-‌
(
0
.10‌
)
(
0
.10‌
)
(
0
.30‌
)
-‌
-‌
Total
distributions
(
0
.21‌
)
(
0
.43‌
)
(
0
.39‌
)
(
0
.32‌
)
(
1
.35‌
)
(
0
.36‌
)
NET
ASSET
VALUE
End
of
period
$
7
.64‌
$
7
.58‌
$
7
.80‌
$
7
.78‌
$
8
.52‌
$
9
.54‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
3
.68‌
%
2
.74‌
%
5
.38‌
%
(
4
.97‌
)
%
3
.60‌
%
0
.07‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.76‌
%
(4)
0
.75‌
%
0
.74‌
%
0
.73‌
%
0
.71‌
%
0
.68‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.76‌
%
(4)
0
.75‌
%
0
.74‌
%
0
.73‌
%
0
.71‌
%
0
.68‌
%
Net
investment
income
5
.25‌
%
(4)
5
.01‌
%
4
.65‌
%
5
.05‌
%
4
.46‌
%
1
.64‌
%
Portfolio
turnover
rate
55
.2‌
%
69
.7‌
%
66
.4‌
%
122
.2‌
%
134
.3‌
%
112
.7‌
%
Net
assets,
end
of
period
(in
millions)
$73
$77
$114
$207
$546
$133
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7
.55‌
$
7
.77‌
$
7
.76‌
$
8
.50‌
$
9
.51‌
$
9
.88‌
Investment
activities
Net
investment
income
(1)(2)
0
.19‌
0
.38‌
0
.35‌
0
.39‌
0
.39‌
0
.28‌
Net
realized
and
unrealized
gain/
loss
0
.08‌
(
0
.18‌
)
0
.03‌
(
0
.82‌
)
(
0
.06‌
)
(
0
.31‌
)
Total
from
investment
activities
0
.27‌
0
.20‌
0
.38‌
(
0
.43‌
)
0
.33‌
(
0
.03‌
)
(3)
Distributions
Net
investment
income
(
0
.21‌
)
(
0
.33‌
)
(
0
.27‌
)
(
0
.03‌
)
(
0
.24‌
)
(
0
.21‌
)
Net
realized
gain
-‌
-‌
-‌
-‌
(
1
.10‌
)
(
0
.13‌
)
Tax
return
of
capital
-‌
(
0
.09‌
)
(
0
.10‌
)
(
0
.28‌
)
-‌
-‌
Total
distributions
(
0
.21‌
)
(
0
.42‌
)
(
0
.37‌
)
(
0
.31‌
)
(
1
.34‌
)
(
0
.34‌
)
NET
ASSET
VALUE
End
of
period
$
7
.61‌
$
7
.55‌
$
7
.77‌
$
7
.76‌
$
8
.50‌
$
9
.51‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
Ratios/Supplemental
Data
Total
return
(2)(4)
3
.61‌
%
2
.57‌
%
5
.07‌
%
(
5
.15‌
)
%
3
.53‌
%
(
0
.33‌
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1
.56‌
%
(5)
1
.62‌
%
1
.32‌
%
1
.02‌
%
1
.04‌
%
1
.21‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.90‌
%
(5)
0
.90‌
%
0
.90‌
%
0
.91‌
%
0
.90‌
%
0
.90‌
%
Net
investment
income
5
.09‌
%
(5)
4
.87‌
%
4
.58‌
%
4
.81‌
%
4
.08‌
%
2
.83‌
%
Portfolio
turnover
rate
55
.2‌
%
69
.7‌
%
66
.4‌
%
122
.2‌
%
134
.3‌
%
112
.7‌
%
Net
assets,
end
of
period
(in
thousands)
$157
$192
$187
$423
$557
$147
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
The
amount
presented
is
inconsistent
with
the
fund's
results
of
operations
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7
.56‌
$
7
.79‌
$
7
.77‌
$
8
.52‌
$
9
.53‌
$
9
.89‌
Investment
activities
Net
investment
income
(1)(2)
0
.20‌
0
.41‌
0
.38‌
0
.42‌
0
.41‌
0
.26‌
Net
realized
and
unrealized
gain/
loss
0
.09‌
(
0
.19‌
)
0
.04‌
(
0
.83‌
)
(
0
.05‌
)
(
0
.24‌
)
Total
from
investment
activities
0
.29‌
0
.22‌
0
.42‌
(
0
.41‌
)
0
.36‌
0
.02‌
Distributions
Net
investment
income
(
0
.22‌
)
(
0
.35‌
)
(
0
.30‌
)
(
0
.03‌
)
(
0
.27‌
)
(
0
.25‌
)
Net
realized
gain
-‌
-‌
-‌
-‌
(
1
.10‌
)
(
0
.13‌
)
Tax
return
of
capital
-‌
(
0
.10‌
)
(
0
.10‌
)
(
0
.31‌
)
-‌
-‌
Total
distributions
(
0
.22‌
)
(
0
.45‌
)
(
0
.40‌
)
(
0
.34‌
)
(
1
.37‌
)
(
0
.38‌
)
NET
ASSET
VALUE
End
of
period
$
7
.63‌
$
7
.56‌
$
7
.79‌
$
7
.77‌
$
8
.52‌
$
9
.53‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
3
.94‌
%
2
.84‌
%
5
.61‌
%
(
4
.90‌
)
%
3
.92‌
%
0
.18‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.52‌
%
(4)
0
.51‌
%
0
.52‌
%
0
.53‌
%
0
.52‌
%
0
.50‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.52‌
%
(4)
0
.51‌
%
0
.52‌
%
0
.53‌
%
0
.52‌
%
0
.50‌
%
Net
investment
income
5
.49‌
%
(4)
5
.25‌
%
4
.89‌
%
5
.17‌
%
4
.24‌
%
2
.63‌
%
Portfolio
turnover
rate
55
.2‌
%
69
.7‌
%
66
.4‌
%
122
.2‌
%
134
.3‌
%
112
.7‌
%
Net
assets,
end
of
period
(in
millions)
$618
$598
$574
$603
$731
$568
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Financial
Highlights
8
For
a
share
outstanding
throughout
each
period
Z
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7
.56‌
$
7
.79‌
$
7
.77‌
$
8
.52‌
$
9
.53‌
$
9
.90‌
Investment
activities
Net
investment
income
(1)(2)
0
.22‌
0
.45‌
0
.42‌
0
.46‌
0
.45‌
0
.36‌
Net
realized
and
unrealized
gain/
loss
0
.08‌
(
0
.19‌
)
0
.04‌
(
0
.83‌
)
(
0
.04‌
)
(
0
.30‌
)
Total
from
investment
activities
0
.30‌
0
.26‌
0
.46‌
(
0
.37‌
)
0
.41‌
0
.06‌
Distributions
Net
investment
income
(
0
.24‌
)
(
0
.38‌
)
(
0
.32‌
)
(
0
.03‌
)
(
0
.32‌
)
(
0
.30‌
)
Net
realized
gain
-‌
-‌
-‌
-‌
(
1
.10‌
)
(
0
.13‌
)
Tax
return
of
capital
-‌
(
0
.11‌
)
(
0
.12‌
)
(
0
.35‌
)
-‌
-‌
Total
distributions
(
0
.24‌
)
(
0
.49‌
)
(
0
.44‌
)
(
0
.38‌
)
(
1
.42‌
)
(
0
.43‌
)
NET
ASSET
VALUE
End
of
period
$
7
.62‌
$
7
.56‌
$
7
.79‌
$
7
.77‌
$
8
.52‌
$
9
.53‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Financial
Highlights
9
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
4
.07‌
%
3
.37‌
%
6
.15‌
%
(
4
.40‌
)
%
4
.45‌
%
0
.57‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.51‌
%
(4)
0
.50‌
%
0
.50‌
%
0
.51‌
%
0
.51‌
%
0
.50‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.00‌
%
(4)
0
.00‌
%
0
.00‌
%
0
.01‌
%
0
.00‌
%
0
.00‌
%
Net
investment
income
6
.01‌
%
(4)
5
.77‌
%
5
.40‌
%
5
.67‌
%
4
.68‌
%
3
.67‌
%
Portfolio
turnover
rate
55
.2‌
%
69
.7‌
%
66
.4‌
%
122
.2‌
%
134
.3‌
%
112
.7‌
%
Net
assets,
end
of
period
(in
millions)
$4,057
$3,486
$3,313
$3,151
$3,206
$3,833
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
June
30,
2026
Unaudited
10
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA 0.6%
Corporate
Bonds 0.2%
Vaca
Muerta,
FRN,
6M
TSFR
+
5.38%,
Acquisition
Date:
12/1/25,
Cost $7,352,
9.335%,
7/8/30
(USD) (1)
7,352,000‌
7,449‌
7,449‌
Government
Bonds 0.4%
Argentina
Republic
Treasury
Bonds,
29.50%,
5/30/30
29,042,961,000‌
20,265‌
20,265‌
Total
Argentina
(Cost
$28,612)
27,714‌
BRAZIL 5.1%
Government
Bonds 5.1%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/29
566,806,000‌
101,285‌
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
837,950,000‌
141,170‌
Total
Brazil
(Cost
$222,407)
242,455‌
CANADA 0.3%
Corporate
Bonds 0.3%
Toronto-Dominion
Bank,
VR,
8.125%,
10/31/82
(USD) (2)
15,285,000‌
15,832‌
Total
Canada
(Cost
$15,285)
15,832‌
CHILE 1.8%
Government
Bonds 1.8%
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos,
5.00%,
3/1/35
17,835,000,000‌
18,850‌
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos,
6.00%,
4/1/33 (3)
60,375,000,000‌
67,831‌
Total
Chile
(Cost
$89,112)
86,681‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CHINA 0.4%
Common
Stocks 0.0%
Country
Garden
Holdings
(HKD) (4)
64,677‌
1‌
1‌
Convertible
Bonds 0.2%
Kaisa
Group
Holdings,
Zero
Coupon,
12/31/26
(USD) (3)
1,365,565‌
23‌
Kaisa
Group
Holdings,
Zero
Coupon,
12/31/27
(USD) (3)
1,707,034‌
21‌
Kaisa
Group
Holdings,
Zero
Coupon,
12/31/28
(USD) (3)
2,731,130‌
23‌
Kaisa
Group
Holdings,
Zero
Coupon,
12/31/29
(USD) (3)
2,731,130‌
18‌
Kaisa
Group
Holdings,
Zero
Coupon,
12/31/30
(USD) (3)
3,413,912‌
8‌
Kaisa
Group
Holdings,
Zero
Coupon,
12/31/31
(USD) (3)
3,413,912‌
15‌
Kaisa
Group
Holdings,
Zero
Coupon,
12/31/32
(USD) (3)
6,440,536‌
17‌
Times
China
Holdings,
Zero
Coupon,
3/30/27
(USD) (3)
1,370,105‌
8‌
Times
China
Holdings,
Zero
Coupon,
3/30/27
(USD) (3)
6,160,506‌
45‌
Trip.com
Group,
0.75%,
6/15/29
(USD)
8,401,000‌
8,288‌
8,466‌
Corporate
Bonds 0.2%
CIFI
Holdings
Group,
Series
IAI,
Zero
Coupon,
6/30/27
(USD)
7,395,470‌
701‌
Kaisa
Group
Holdings,
6.25%,
12/28/28,
(5.25%
Cash
or
6.25%
PIK)
(USD) (3)(5)
2,353,921‌
45‌
Kaisa
Group
Holdings,
6.50%,
12/28/29,
(5.50%
Cash
or
6.50%
PIK)
(USD) (3)(5)
3,945,458‌
71‌
Kaisa
Group
Holdings,
6.75%,
12/28/30,
(5.75%
Cash
or
6.75%
PIK)
(USD) (3)(5)
4,761,305‌
88‌
Kaisa
Group
Holdings,
7.00%,
12/28/31,
(6.00%
Cash
or
7.00%
PIK)
(USD) (3)(5)
7,182,167‌
119‌
Kaisa
Group
Holdings,
7.25%,
12/28/32,
(6.25%
Cash
or
7.25%
PIK)
(USD) (3)(5)
6,767,261‌
111‌
Kaisa
Group
Holdings,
7.721%,
12/28/27,
(6.721%
Cash
or
7.721%
PIK)
(USD) (3)(5)
1,608,229‌
37‌
Longfor
Group
Holdings,
3.85%,
1/13/32
(USD)
11,115,000‌
8,212‌
Shimao
Group
Holdings,
5.95%,
7/21/31,
(5.00%
Cash
or
6.00%
PIK)
(USD) (3)(5)
11,250,548‌
369‌
Times
China
Holdings,
4.00%,
3/30/29,
(4.00%
PIK)
(USD) (3)
(5)
1,379,574‌
39‌
Times
China
Holdings,
4.20%,
9/30/32,
(4.20%
PIK)
(USD) (3)
(5)
5,146,262‌
144‌
9,936‌
Total
China
(Cost
$28,807)
18,403‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA 0.5%
Government
Bonds 0.3%
Republic
of
Colombia,
5.375%,
1/21/29
(USD)
11,840,000‌
11,843‌
Republic
of
Colombia,
6.125%,
1/21/31
(USD)
3,740,000‌
3,789‌
15,632‌
Private
Investment
Company 0.2%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
Date:
6/7/23,
Cost $3,415
(USD) (1)(4)
†
6,264‌
Bona
Fide
Investments
Holdings
III,
Acquisition
Date:
6/14/24,
Cost $2,080
(USD) (1)(4)
†
2,954‌
9,218‌
Total
Colombia
(Cost
$20,966)
24,850‌
CÔTE
D'IVOIRE 0.5%
Government
Bonds 0.5%
Kona
SPC,
FRN,
12M
EURIBOR
+
2.70%,
4.966%,
12/29/26
(EUR) (3)
21,500,000‌
24,787‌
Total
Côte
d'Ivoire
(Cost
$25,213)
24,787‌
ECUADOR 0.1%
Government
Bonds 0.1%
Republic
of
Ecuador,
8.75%,
1/29/34
(USD) (3)
2,360,000‌
2,380‌
Republic
of
Ecuador,
9.25%,
1/29/39
(USD) (3)
810,000‌
831‌
Total
Ecuador
(Cost
$3,170)
3,211‌
EGYPT 0.2%
Government
Bonds 0.2%
Arab
Republic
of
Egypt
Treasury
Bills,
Series
364D,
25.266%,
8/25/26
375,650,000‌
7,388‌
Total
Egypt
(Cost
$7,494)
7,388‌
FRANCE 0.7%
Corporate
Bonds 0.7%
Credit
Agricole,
VR,
6.251%,
1/10/35
(USD) (2)(3)
14,255,000‌
14,849‌
Societe
Generale,
VR,
5.634%,
1/19/30
(USD) (2)(3)(6)
10,160,000‌
10,329‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
13
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Societe
Generale,
VR,
6.066%,
1/19/35
(USD) (2)(3)(6)
7,355,000‌
7,621‌
Total
France
(Cost
$31,770)
32,799‌
GAMBIA 0.1%
Corporate
Bonds 0.1%
Africell
Holding,
10.50%,
10/23/29
(USD)
6,300,000‌
6,488‌
Total
Gambia
(Cost
$6,300)
6,488‌
GERMANY 0.2%
Corporate
Bonds 0.2%
Daimler
Truck
Finance
North
America,
4.50%,
4/12/31
(USD) (3)
8,525,000‌
8,367‌
Total
Germany
(Cost
$8,517)
8,367‌
HONG
KONG 0.0%
Common
Stocks 0.0%
Shimao
Group
Holdings (4)
12,903,771‌
121‌
Total
Hong
Kong
(Cost
$324)
121‌
INDIA 1.4%
Government
Bonds 1.4%
Republic
of
India,
7.18%,
8/14/33
6,001,970,000‌
65,334‌
Total
India
(Cost
$71,477)
65,334‌
JAPAN 1.9%
Government
Bonds 1.9%
Government
of
Japan,
Series
90,
3.70%,
3/20/56
15,044,000,000‌
89,452‌
Total
Japan
(Cost
$91,256)
89,452‌
JORDAN 0.2%
Government
Bonds 0.2%
Kingdom
of
Jordan,
7.50%,
1/13/29
(USD)
3,055,000‌
3,196‌
Kingdom
of
Jordan,
7.75%,
1/15/28
(USD)
5,001,000‌
5,183‌
Total
Jordan
(Cost
$8,395)
8,379‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
14
Par/Shares
$
Value
(Cost
and
value
in
$000s)
KYRGYZSTAN 0.5%
Government
Bonds 0.5%
Kyrgyz
Republic,
7.75%,
6/3/30
(USD) (3)
8,300,000‌
8,426‌
Kyrgyz
Republic,
7.75%,
6/3/30
(USD)
15,075,000‌
15,303‌
Total
Kyrgyzstan
(Cost
$23,839)
23,729‌
MEXICO 5.7%
Corporate
Bonds 0.4%
Petroleos
Mexicanos,
7.69%,
1/23/50
(USD)
23,976,000‌
22,373‌
22,373‌
Government
Bonds 5.1%
Petroleos
Mexicanos,
6.625%,
6/15/35
(USD) (6)
22,665,000‌
21,988‌
United
Mexican
States,
Series
M,
7.50%,
5/26/33
3,291,351,000‌
175,986‌
United
Mexican
States,
Series
M,
7.75%,
5/29/31
470,271,000‌
26,148‌
United
Mexican
States,
Series
M,
8.00%,
2/21/36
338,301,000‌
18,068‌
242,190‌
Private
Investment
Company 0.2%
PayJoy
Asset
Fund,
Class
B,
Acquisition
Date:
6/23/25,
Cost $7,340
(USD) (1)(4)
†
7,340‌
7,340‌
Total
Mexico
(Cost
$258,918)
271,903‌
NETHERLANDS 0.6%
Corporate
Bonds 0.6%
Rufiji,
11.20%,
7/16/29
(KGS) (3)
1,560,000,000‌
17,910‌
Rufiji,
17.75%,
3/30/28
(UZS) (3)(7)
151,520,000,000‌
12,543‌
Total
Netherlands
(Cost
$30,359)
30,453‌
NEW
ZEALAND 7.9%
Government
Bonds 7.9%
Government
of
New
Zealand,
Series
0536,
4.25%,
5/15/36
297,361,000‌
167,435‌
Government
of
New
Zealand,
Series
0551,
2.75%,
5/15/51
221,329,000‌
85,732‌
Government
of
New
Zealand,
Series
0554,
5.00%,
5/15/54
213,485,000‌
120,941‌
Total
New
Zealand
(Cost
$396,744)
374,108‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
15
Par/Shares
$
Value
(Cost
and
value
in
$000s)
NIGERIA 0.2%
Government
Bonds 0.2%
Federal
Republic
of
Nigeria,
8.375%,
3/24/29
(USD)
10,989,000‌
11,591‌
Total
Nigeria
(Cost
$11,595)
11,591‌
NORWAY 1.6%
Government
Bonds 1.6%
Kingdom
of
Norway,
Series
483,
1.25%,
9/17/31 (3)
531,093,000‌
46,188‌
Kingdom
of
Norway,
Series
490,
4.125%,
6/3/36 (3)
278,285,000‌
27,938‌
Total
Norway
(Cost
$77,003)
74,126‌
QATAR 0.2%
Corporate
Bonds 0.2%
QatarEnergy,
2.25%,
7/12/31
(USD)
8,240,000‌
7,338‌
Total
Qatar
(Cost
$8,272)
7,338‌
ROMANIA 0.9%
Government
Bonds 0.9%
Republic
of
Romania,
5.375%,
6/7/33
(EUR)
35,100,000‌
40,520‌
Total
Romania
(Cost
$41,377)
40,520‌
SERBIA 2.1%
Government
Bonds 2.1%
Republic
of
Serbia,
Series
10Y,
5.875%,
2/8/28
3,479,010,000‌
34,460‌
Republic
of
Serbia,
Series
5Y,
4.50%,
7/30/30
4,746,390,000‌
45,377‌
Republic
of
Serbia,
Series
12.5,
4.50%,
8/20/32
1,941,220,000‌
18,230‌
Total
Serbia
(Cost
$99,054)
98,067‌
SINGAPORE 0.7%
Government
Bonds 0.7%
Republic
of
Singapore,
2.25%,
8/1/36
42,486,000‌
33,463‌
Total
Singapore
(Cost
$34,140)
33,463‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
16
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
AFRICA 0.3%
Corporate
Bonds 0.3%
Sasol
Financing
USA,
5.50%,
3/18/31
(USD)
6,906,000‌
6,437‌
Sasol
Financing
USA,
8.75%,
5/3/29
(USD)
7,865,000‌
8,236‌
Total
South
Africa
(Cost
$14,094)
14,673‌
SUPRANATIONAL 0.7%
Corporate
Bonds 0.2%
International
Bank
for
Reconstruction
&
Development,
6.85%,
4/24/28
(INR)
837,500,000‌
8,769‌
8,769‌
Government
Bonds 0.5%
European
Bank
for
Reconstruction
&
Development,
6.75%,
1/13/32
(INR)
2,476,800,000‌
25,456‌
25,456‌
Total
Supranational
(Cost
$38,325)
34,225‌
THAILAND 2.6%
Government
Bonds 2.6%
Kingdom
of
Thailand,
Series
ILB,
Inflation-Indexed,
1.25%,
3/12/28
4,170,464,847‌
125,475‌
Total
Thailand
(Cost
$123,572)
125,475‌
TÜRKIYE 0.4%
Government
Bonds 0.4%
Republic
of
Turkiye,
Series
11Y,
6.125%,
10/24/28
(USD)
9,000,000‌
9,087‌
Republic
of
Turkiye,
Series
5Y,
9.875%,
1/15/28
(USD)
8,800,000‌
9,352‌
Total
Türkiye
(Cost
$18,490)
18,439‌
UKRAINE 0.2%
Government
Bonds 0.2%
Government
of
Ukraine,
STEP,
0.00%,
2/1/36
(USD)
7,010,000‌
4,210‌
Government
of
Ukraine,
STEP,
4.50%,
2/1/35
(USD)
3,080,000‌
2,138‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
17
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Ukraine,
STEP,
4.50%,
2/1/36
(USD)
1,320,000‌
908‌
Total
Ukraine
(Cost
$6,985)
7,256‌
UNITED
KINGDOM 23.0%
Corporate
Bonds 0.2%
Lloyds
Banking
Group,
VR,
5.679%,
1/5/35
(USD) (2)
7,735,000‌
7,951‌
7,951‌
Government
Bonds 22.8%
United
Kingdom
Gilt,
4.125%,
3/7/31
115,690,000‌
152,315‌
United
Kingdom
Gilt,
4.375%,
3/7/28
456,300,000‌
607,369‌
United
Kingdom
Gilt,
4.375%,
7/31/54
159,478,375‌
177,804‌
United
Kingdom
Gilt,
4.50%,
3/7/35
112,843,000‌
147,583‌
1,085,071‌
Total
United
Kingdom
(Cost
$1,109,812)
1,093,022‌
UNITED
STATES 29.0%
Asset-Backed
Securities 0.9%
Applebee's
Funding,
Series
2023-1A,
Class
A2,
7.824%,
3/5/53 (3)
6,500,000‌
6,550‌
Drive
Auto
Receivables
Trust,
Series
2021-3,
Class
D,
1.94%,
6/15/29 (3)
2,983,739‌
2,969‌
Goto
Foods
Funding,
Series
2022-1,
Class
A2,
7.206%,
7/30/52 (3)
18,480,000‌
18,505‌
Hardee's
Funding,
Series
2020-1A,
Class
A2,
3.981%,
12/20/50 (3)
4,323,375‌
4,192‌
Jack
in
the
Box
Funding,
Series
2026-1A,
Class
A2,
7.624%,
5/25/56 (3)
5,240,000‌
5,263‌
TPIC
SPV,
Class
A,
10.00%,
12/6/26,
(10.00%
PIK),
Acquisition
Date:
12/10/24
-
6/29/26,
Cost $358 (1)(5)(7)
400,408‌
437‌
TPIC
SPV
I,
Series
2024-1,
Class
A1,
7.131%,
12/28/29,
(7.131%
PIK),
Acquisition
Date:
12/10/24
-
6/29/26,
Cost $3,945 (1)(5)(7)
3,945,478‌
2,966‌
40,882‌
Bank
Loans 0.9% (8)
Clear
Channel
Outdoor
Holdings,
FRN,
1M
TSFR
+
4.00%,
7.758%,
8/21/28
4,537,645‌
4,534‌
CSC
Holdings,
FRN,
1M
TSFR
+
2.50%,
4/15/27 (9)
17,308,690‌
12,116‌
Hopper
Merger
Sub,
FRN,
3M
TSFR
+
5.00%,
8.745%,
1/5/34
2,550,000‌
2,510‌
IRB
Holding,
FRN,
1M
TSFR
+
2.50%,
6.144%,
12/15/30
3,921,083‌
3,921‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
18
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Main
Street
Sports
Group,
12.00%,
1/2/28,
(12.00%
Cash
or
15.00%
PIK) (5)
913,094‌
168‌
RealPage,
FRN,
3M
TSFR
+
3.00%,
6.994%,
4/24/28
2,586,038‌
2,414‌
Resilience
Parent,
FRN,
3M
TSFR
+
5.25%,
8.982%,
2/27/34 (7)
7,457,143‌
7,383‌
Townsquare
Media,
FRN,
6M
TSFR
+
5.00%,
8.587%,
2/19/30 (9)
17,027,455‌
12,419‌
45,465‌
Common
Stocks 0.0%
Diamond
Sports
Group,
Acquisition
Date:
1/2/25,
Cost $64 (1)
(4)
46,896‌
23‌
23‌
Convertible
Bonds 0.3%
Citigroup
Global
Markets
Holdings,
1.00%,
4/9/29
(EUR) (3)
5,500,000‌
6,037‌
Rivian
Automotive,
4.625%,
3/15/29
5,831,000‌
6,913‌
12,950‌
Convertible
Preferred
Stocks 0.2%
Alphabet,
Series
A,
6.25%,
5/15/29
119,469‌
6,080‌
Alphabet,
Series
B,
6.25%,
5/15/29
119,469‌
6,009‌
12,089‌
Corporate
Bonds 6.5%
1261229
B.C.,
10.00%,
4/15/32 (3)
2,020,000‌
2,045‌
Alliant
Holdings
Intermediate,
7.375%,
10/1/32 (3)
5,235,000‌
5,201‌
Ally
Financial,
VR,
6.848%,
1/3/30 (2)
10,418,000‌
10,829‌
Avis
Budget
Car
Rental,
8.00%,
2/15/31 (3)
6,265,000‌
6,325‌
Capital
One
Financial,
VR,
6.377%,
6/8/34 (2)
10,620,000‌
11,237‌
CHS,
10.875%,
1/15/32 (3)
3,315,000‌
3,574‌
Cloud
Software
Group,
8.25%,
6/30/32 (3)
16,518,000‌
15,465‌
DISH
DBS,
5.25%,
12/1/26 (3)
38,028,000‌
37,815‌
DISH
DBS,
5.75%,
12/1/28 (3)
26,022,000‌
25,229‌
Ford
Motor
Credit,
4.97%,
4/6/29
8,800,000‌
8,712‌
Ford
Motor
Credit,
5.80%,
3/5/27
11,270,000‌
11,327‌
General
Motors
Financial,
4.60%,
1/8/31
14,035,000‌
13,844‌
General
Motors
Financial,
5.45%,
1/8/36 (6)
3,065,000‌
3,052‌
Goldman
Sachs
Group,
VR,
4.516%,
1/21/32 (2)
22,080,000‌
21,662‌
Gray
Media,
9.625%,
7/15/32 (3)
1,215,000‌
1,173‌
OAK-Eagle
Acquireco,
8.75%,
7/1/34 (3)
2,190,000‌
2,324‌
Oracle,
6.70%,
2/4/56
43,735,000‌
41,169‌
Rivian
Holdings,
10.00%,
1/15/31 (3)
5,795,000‌
5,768‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
19
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Sirius
XM
Radio,
5.00%,
8/1/27 (3)
5,643,000‌
5,635‌
Southern,
VR,
1.875%,
9/15/81
(EUR) (2)
7,590,000‌
8,513‌
Stagwell
Global,
5.625%,
8/15/29 (3)
17,057,000‌
16,454‌
Synopsys,
5.15%,
4/1/35
7,125,000‌
7,090‌
Synopsys,
5.70%,
4/1/55
14,670,000‌
14,236‌
Verizon
Communications,
5.00%,
1/15/36
19,390,000‌
18,907‌
Verizon
Communications,
5.875%,
11/30/55
4,295,000‌
4,168‌
Vistra,
VR,
7.00% (2)(3)(10)
7,285,000‌
7,335‌
309,089‌
Municipal
Securities 0.4%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
3,943,626‌
2,834‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/33
1,322,744‌
969‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/33
1,027,849‌
1,041‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/35
923,898‌
932‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/37
792,950‌
796‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/41
1,078,109‌
1,050‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/46
1,121,218‌
1,027‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/27
565,675‌
576‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/29
1,115,968‌
1,181‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.75%,
7/1/31
1,083,929‌
1,183‌
Tobacco
Settlement
Fin.,
Series
A-1,
6.706%,
6/1/46
10,820,000‌
8,034‌
19,623‌
Non-U.S.
Government
Mortgage-Backed
Securities 0.6%
Bayview
Financing
Trust,
Series
2024-2F,
Class
A,
CMO,
ARM,
Acquisition
Date:
8/29/24,
Cost $6,327,
6.399%,
9/25/29 (1)(7)
6,326,838‌
6,344‌
BRAVO
Residential
Funding
Trust,
Series
2022-NQM2,
Class
A1,
CMO,
ARM,
5.272%,
11/25/61 (3)
2,282,522‌
2,267‌
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65D,
ARM,
4.66%,
5/15/52 (3)
4,517,000‌
90‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-
DNA2,
Class
M1A,
CMO,
ARM,
SOFR30A
+
1.30%,
4.928%,
2/25/42 (3)
827,177‌
827‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
20
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (3)
2,477‌
2‌
TRK
Trust,
Series
2022-INV1,
Class
A1,
CMO,
ARM,
2.577%,
2/25/57 (3)
7,997,937‌
7,452‌
Verus
Securitization
Trust,
Series
2022-1,
Class
A1,
CMO,
STEP,
3.724%,
1/25/67 (3)
11,537,532‌
10,834‌
27,816‌
U.S.
Government
&
Agency
Mortgage-Backed
Securities 1.8%
Federal
Home
Loan
Mortgage,
CMO,
IO
1.50%,
1/25/51
19,105,151‌
1,937‌
2.00%,
1/25/51
-
6/15/52
143,570,868‌
18,997‌
2.50%,
2/25/50
9,846,765‌
1,560‌
Federal
National
Mortgage
Assn.,
CMO,
IO
2.00%,
2/25/51
-
10/25/52
241,110,995‌
31,002‌
2.50%,
8/25/49
-
3/25/51
48,112,705‌
7,442‌
Government
National
Mortgage
Assn.,
CMO,
IO
2.00%,
10/20/50
-
3/20/51
59,663,123‌
7,193‌
2.50%,
8/20/49
-
11/20/51
120,601,793‌
16,985‌
85,116‌
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed) 17.4%
U.S.
Treasury
Inflation-Indexed
Notes,
1.25%,
4/15/31
265,554,885‌
257,319‌
U.S.
Treasury
Notes,
0.625%,
7/31/26 (12)
143,000,000‌
142,631‌
U.S.
Treasury
Notes,
1.50%,
8/15/26 (12)
95,000,000‌
94,718‌
U.S.
Treasury
Notes,
1.875%,
7/31/26 (12)
166,000,000‌
165,734‌
U.S.
Treasury
Notes,
4.375%,
7/31/26 (12)
165,000,000‌
165,077‌
825,479‌
Total
United
States
(Cost
$1,394,295)
1,378,532‌
ZAMBIA 0.1%
Government
Bonds 0.1%
Republic
of
Zambia,
Series
10Y,
17.50%,
12/22/35
57,803,000‌
3,447‌
Republic
of
Zambia,
Series
5Y,
16.49%,
12/22/30
37,697,000‌
2,170‌
Total
Zambia
(Cost
$4,253)
5,617‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
21
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS 7.4%
Commercial
Paper 1.1%
4(2)
1.1%(13)
CRF
Sequoia,
4.87%,
11/30/26
55,560,000‌
55,560‌
55,560‌
Money
Market
Funds 6.3%
T.
Rowe
Price
Government
Reserve
Fund,
3.69% (14)(15)
298,212,000‌
298,212‌
298,212‌
Total
Short-Term
Investments
(Cost
$353,772)
353,772‌
SECURITIES
LENDING
COLLATERAL 0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.0%
Money
Market
Funds 0.0%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66% (14)(15)
458,465‌
459‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
459‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.2%
Money
Market
Funds 0.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66% (14)(15)
8,325,150‌
8,325‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
8,325‌
Total
Securities
Lending
Collateral
(Cost
$8,784)
8,784‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
22
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED 0.4%
OTC
Options
Purchased
0.4%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
10
Year
Interest
Rate
Swap,
1/29/37
Pay
Fixed
4.96%
Annually,
Receive
Variable
3.68%
(SOFR)
Annually,
1/27/27
@
4.96%* (4)
1‌
428,016‌
1,003‌
Goldman
Sachs
USD
/
MXN,
Call,
10/9/26
@
MXN18.00 (4)
1‌
143,000‌
1,793‌
JPMorgan
Chase
NASDAQ
100
Stock
Index,
Put,
12/18/26
@
$21,900.00 (4)
256‌
775,075‌
6,744‌
Morgan
Stanley
5
Year
Interest
Rate
Swap,
10/15/31
Receive
Fixed
3.65%
Annually,
Pay
Variable
3.68%
(SOFR)
Annually,
10/13/26
@
3.65%* (4)
1‌
1,185,600‌
3,690‌
RBC
Dominion
Securities
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S46,
5
Year
Index,
6/20/31),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
7/15/26
@
0.65%* (4)
1‌
470,500‌
53‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
23
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
UBS
Investment
Bank
NASDAQ
100
Stock
Index,
Put,
12/18/26
@
$22,000.00 (4)
255‌
772,047‌
6,867‌
Total
Options
Purchased
(Cost
$52,031)
20,150‌
Total
Investments
in
Securities
98.7%
of
Net
Assets
(Cost
$4,764,819)
$
4,687,504‌
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Par/Shares
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
†
Investment
fund
is
not
unitized.
*
Exercise
Spread
(1)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$33,777
and
represents
0.7%
of
net
assets.
(2)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(3)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$450,532
and
represents
9.5%
of
net
assets.
(4)
Non-income
producing
(5)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(6)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026.
(7)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(8)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(9)
All
or
a
portion
of
this
loan
is
unsettled
as
of
June
30,
2026.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(10)
Perpetual
security
with
no
stated
maturity
date.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
24
.
.
.
.
.
.
.
.
.
.
(11)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board's
Certified
Fiscal
Plan.
(12)
At
June
30,
2026,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(13)
Commercial
paper
exempt
from
registration
under
Section
4(2)
of
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
dealers
in
that
program
or
other
"accredited
investors".
Total
value
of
such
securities
at
period-end
amounts
to
$55,560
and
represents
1.1%
of
net
assets.
(14)
Seven-day
yield
(15)
Affiliated
Companies
1
Day
INR
MIBOR
One
day
INR
MIBOR
(Mumbai
interbank
offered
rate)
1M
SGD
SIBOR
One
month
SGD
SIBOR
(Singapore
interbank
offered
rate)
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
NDBB
Three
month
NZD
bank
bill
3M
SEK
STIBOR
Three
month
SEK
STIBOR
(Stockholm
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
ADBB
Six
month
AUD
bank
bill
6M
TSFR
Six
month
term
SOFR
(Secured
overnight
financing
rate)
12M
EURIBOR
Twelve
month
EURIBOR
(Euro
interbank
offered
rate)
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
ARS
Argentine
Peso
AUD
Australian
Dollar
BRL
Brazilian
Real
BRL
CDI
One
day
Brazilian
interbank
deposit
rate
CAD
Canadian
Dollar
CLP
Chilean
Peso
CMO
Collateralized
Mortgage
Obligation
CORRA
Canadian
Overnight
Repo
Rate
Average
CPI
Consumer
Price
Index
EGP
Egyptian
Pound
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
ICP
Chilean
Average
Chamber
Index
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
25
.
.
.
.
.
.
.
.
.
.
IDR
Indonesian
Rupiah
ILS
Israeli
Shekel
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
JPY
Japanese
Yen
KES
Kenya
Shilling
KGS
Kyrgyzstani
Som
KRW
South
Korean
Won
KZT
Kazakhstan
Tenge
MXN
Mexican
Peso
NGN
Nigerian
Naira
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PIK
Payment-in-kind
RSD
Serbian
Dinar
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
SONIA
Sterling
Overnight
Index
Average
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
THB
Thai
Baht
TRY
Turkish
Lira
UAH
Ukraine
Hryvnia
USD
U.S.
Dollar
UZS
Uzbekistani
Som
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
ZAR
South
African
Rand
ZMW
Zambian
Kwacha
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
26
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.4)%
OTC
Options
Written (0.4)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
USD
/
AUD,
Put,
9/18/26
@
USD0.70
1
237,490
(2,873‌)
Bank
of
America
USD
/
GBP,
Put,
9/23/26
@
USD1.34
1
190,450
(1,738‌)
Citibank
USD
/
ILS,
Put,
12/18/26
@
ILS2.83
1
118,610
(1,057‌)
Citibank
USD
/
JPY,
Put,
9/23/26
@
JPY157.50
1
238,000
(1,582‌)
HSBC
Bank
USD
/
KRW,
Put,
9/22/26
@
KRW1,495.00
1
118,973
(772‌)
JPMorgan
Chase
NASDAQ
100
Stock
Index,
Put,
12/18/26
@
$26,400.00
53
160,465
(4,051‌)
RBC
Dominion
Securities
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S46,
5
Year
Index,
6/20/31),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
7/15/26
@
0.65%*
1
470,500
(18‌)
UBS
Investment
Bank
NASDAQ
100
Stock
Index,
Put,
12/18/26
@
$26,500.00
34
102,940
(2,623‌)
UBS
Investment
Bank
USD
/
ILS,
Put,
12/7/26
@
ILS2.95
1
118,900
(2,822‌)
Total
Options
Written
(Premiums
$(31,275))
$
(17,536‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
27
(Amounts
in
000s)
SWAPS
0.9%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.4)%
Credit
Default
Swaps,
Protection
Bought
(0.4)%
United
States
(0.4)%
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Unisys),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
14,900
(692)
(862)
170‌
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.HY-S39,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
261,864
(18,732)
(27,344)
8,612‌
Total
United
States
(28,206)
8,782‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(28,206)
8,782‌
Credit
Default
Swaps,
Protection
Sold
0.0%
United
States
0.0%
Barclays
Bank,
Protection
Sold (Relevant
Credit:
RR
Donnelley
&
Sons,
B1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
*
9,390
168
35
133‌
Total
United
States
35
133‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
35
133‌
Total
Return
Swaps
0.0%
United
States
0.0%
Goldman
Sachs,
Receive
Underlying
Reference:
U.S.
Depressed
Cyclicals
Index
Monthly,
Pay
Variable
4.374%
(SOFR
+
0.75%)
Monthly,
1/15/27
154,512
866
-
866‌
Total
United
States
-
866‌
Total
Bilateral
Total
Return
Swaps
-
866‌
Total
Bilateral
Swaps
(28,171)
9,781‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
28
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
1.3%
Credit
Default
Swaps,
Protection
Bought
(0.0)%
Australia
(0.0)%
Protection
Bought
(Relevant
Credit:
Glencore
International),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/26
(EUR)
7,215
(199)
(1,598)
1,399‌
Total
Australia
1,399‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
1,399‌
Credit
Default
Swaps,
Protection
Sold
0.9%
United
States
0.9%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S38,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/27
148,726
4,998
4,508
490‌
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S40,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
236,679
13,858
13,967
(109‌)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S40,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
139,866
8,190
7,021
1,169‌
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S46,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/31
706,260
15,681
14,266
1,415‌
Protection
Sold
(Relevant
Credit:
Oracle,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
*
60,883
(1,374)
(600)
(774‌)
Protection
Sold
(Relevant
Credit:
PG&E,
Ba2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
*
37,966
2,449
3,911
(1,462‌)
Protection
Sold
(Relevant
Credit:
R.R.
Donnelley
&
Sons,
Caa2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
*
11,150
199
102
97‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
29
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
R.R.
Donnelley
&
Sons,
Caa2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/27
*
17,418
577
273
304‌
Total
United
States
1,130‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
1,130‌
Interest
Rate
Swaps
0.3%
Australia
0.2%
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.810%
Semi-Annually,
Pay
Variable
4.748%
(6M
ADBB)
Semi-
Annually,
5/25/31
624,835
3,289
-
3,289‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.849%
Semi-Annually,
Pay
Variable
4.755%
(6M
ADBB)
Semi-
Annually,
5/22/31
312,417
2,013
-
2,013‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.863%
Semi-Annually,
Pay
Variable
4.755%
(6M
ADBB)
Semi-
Annually,
5/22/31
312,417
2,149
-
2,149‌
Total
Australia
7,451‌
Brazil
(0.1)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
12.805%
at
Maturity,
Pay
Variable
14.150%
(BRL
CDI)
at
Maturity,
1/2/31
116,042
(676)
-
(676‌)
5
Year
Interest
Rate
Swap,
Receive
Fixed
12.940%
at
Maturity,
Pay
Variable
14.150%
(BRL
CDI)
at
Maturity,
1/2/31
167,895
(863)
-
(863‌)
7
Year
Interest
Rate
Swap,
Receive
Fixed
13.008%
at
Maturity,
Pay
Variable
14.150%
(BRL
CDI)
at
Maturity,
1/3/33
258,164
(1,346)
-
(1,346‌)
7
Year
Interest
Rate
Swap,
Receive
Fixed
13.430%
at
Maturity,
Pay
Variable
14.150%
(BRL
CDI)
at
Maturity,
1/3/33
34,736
(100)
-
(100‌)
7
Year
Interest
Rate
Swap,
Receive
Fixed
13.528%
at
Maturity,
Pay
Variable
14.150%
(BRL
CDI)
at
Maturity,
1/3/33
52,103
(122)
-
(122‌)
7
Year
Interest
Rate
Swap,
Receive
Fixed
13.585%
at
Maturity,
Pay
Variable
14.150%
(BRL
CDI)
at
Maturity,
1/3/33
69,472
(142)
-
(142‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
30
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
7
Year
Interest
Rate
Swap,
Receive
Fixed
13.637%
at
Maturity,
Pay
Variable
14.150%
(BRL
CDI)
at
Maturity,
1/3/33
46,198
(81)
-
(81‌)
Total
Brazil
(3,330‌)
Canada
(0.1)%
5
Year
Interest
Rate
Swap,
Pay
Fixed
3.030%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
3/25/31
81,342
(607)
-
(607‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
3.046%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
3/25/31
86,765
(694)
-
(694‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
3.058%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
3/25/31
84,957
(713)
-
(713‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
3.065%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
3/25/31
85,752
(739)
-
(739‌)
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.985%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
2/20/36
49,254
261
-
261‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.987%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
2/20/36
55,549
287
-
287‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.988%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
2/20/36
55,549
284
-
284‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.992%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
2/20/36
55,549
270
-
270‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.993%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
2/20/36
55,549
266
-
266‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.209%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
2/5/36
42,890
(380)
-
(380‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
31
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.211%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
2/5/36
85,780
(769)
-
(769‌)
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.212%
Semi-Annually,
Receive
Variable
2.310%
(CORRA)
Semi-Annually,
2/5/36
42,890
(387)
-
(387‌)
Total
Canada
(2,921‌)
Chile
0.0%
7
Year
Interest
Rate
Swap,
Receive
Fixed
5.005%
Semi-Annually,
Pay
Variable
4.523%
(ICP)
Semi-Annually,
10/10/32
32,551,050
380
-
380‌
Total
Chile
380‌
India
0.0%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.051%
Semi-Annually,
Pay
Variable
5.500%
(1
Day
INR
MIBOR)
Semi-Annually,
5/26/28
2,500,000
89
-
89‌
Total
India
89‌
New
Zealand
0.2%
3
Year
Interest
Rate
Swap,
Receive
Fixed
3.165%
Semi-Annually,
Pay
Variable
2.660%
(3M
NDBB)
Quarterly,
3/4/29
104,000
124
-
124‌
3
Year
Interest
Rate
Swap,
Receive
Fixed
3.198%
Semi-Annually,
Pay
Variable
2.620%
(3M
NDBB)
Quarterly,
2/27/29
274,811
479
-
479‌
3
Year
Interest
Rate
Swap,
Receive
Fixed
3.338%
Semi-Annually,
Pay
Variable
2.695%
(3M
NDBB)
Quarterly,
2/13/29
340,044
1,409
-
1,409‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.493%
Semi-Annually,
Pay
Variable
2.660%
(3M
NDBB)
Quarterly,
3/4/31
62,371
146
-
146‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.521%
Semi-Annually,
Pay
Variable
2.620%
(3M
NDBB)
Quarterly,
2/27/31
164,813
513
-
513‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
32
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.663%
Semi-Annually,
Pay
Variable
2.695%
(3M
NDBB)
Quarterly,
2/13/31
63,037
442
-
442‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.667%
Semi-Annually,
Pay
Variable
2.695%
(3M
NDBB)
Quarterly,
2/13/31
147,088
1,049
-
1,049‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.768%
Semi-Annually,
Pay
Variable
2.680%
(3M
NDBB)
Quarterly,
3/13/31
88,504
837
-
837‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.773%
Semi-Annually,
Pay
Variable
2.680%
(3M
NDBB)
Quarterly,
3/12/31
213,556
2,034
-
2,034‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.775%
Semi-Annually,
Pay
Variable
2.680%
(3M
NDBB)
Quarterly,
3/12/31
71,185
682
-
682‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.823%
Semi-Annually,
Pay
Variable
2.675%
(3M
NDBB)
Quarterly,
3/16/31
53,866
579
-
579‌
Total
New
Zealand
8,294‌
Singapore
0.0%
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.092%
Semi-Annually,
Pay
Variable
1.067%
(1M
SGD
SIBOR)
Semi-Annually,
1/30/36
14,948
85
-
85‌
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.095%
Semi-Annually,
Pay
Variable
1.067%
(1M
SGD
SIBOR)
Semi-Annually,
1/30/36
14,948
87
-
87‌
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.253%
Semi-Annually,
Pay
Variable
1.068%
(1M
SGD
SIBOR)
Semi-Annually,
2/6/36
14,948
251
-
251‌
Total
Singapore
423‌
Sweden
(0.1)%
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.670%
Annually,
Receive
Variable
1.986%
(3M
SEK
STIBOR)
Quarterly,
8/27/35
162,573
(285)
-
(285‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
33
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.675%
Annually,
Receive
Variable
1.986%
(3M
SEK
STIBOR)
Quarterly,
8/22/35
103,860
(189)
-
(189‌)
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.678%
Annually,
Receive
Variable
1.986%
(3M
SEK
STIBOR)
Quarterly,
8/22/35
311,580
(575)
-
(575‌)
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.720%
Annually,
Receive
Variable
2.031%
(3M
SEK
STIBOR)
Quarterly,
3/4/36
97,880
(57)
-
(57‌)
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.977%
Annually,
Receive
Variable
2.090%
(3M
SEK
STIBOR)
Quarterly,
1/29/36
450,464
(1,364)
-
(1,364‌)
Total
Sweden
(2,470‌)
United
Kingdom
0.3%
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.913%
Annually,
Pay
Variable
3.751%
(GBP
SONIA)
Annually,
3/9/28
1,572,292
(2,779)
-
(2,779‌)
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.400%
Annually,
Pay
Variable
3.739%
(GBP
SONIA)
Annually,
5/12/28
275,000
2,758
-
2,758‌
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.461%
Annually,
Pay
Variable
3.749%
(GBP
SONIA)
Annually,
3/20/28
918,032
11,055
-
11,055‌
Total
United
Kingdom
11,034‌
United
States
(0.1)%
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.344%
Annually,
Pay
Variable
3.667%
(SOFR)
Annually,
7/12/27
1,429,078
(11,780)
-
(11,780‌)
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.807%
Annually,
Receive
Variable
3.667%
(SOFR)
Annually,
1/12/36
249,055
3,799
-
3,799‌
Total
United
States
(7,981‌)
Total
Centrally
Cleared
Interest
Rate
Swaps
10,969‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
34
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Zero-Coupon
Inflation
Swaps
0.1%
United
States
0.1%
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.220%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
7/9/26
107,413
755
-
755‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.290%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
7/9/26
96,554
612
-
612‌
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.765%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/10/28
120,184
299
-
299‌
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.775%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/10/28
184,897
425
-
425‌
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.800%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/10/28
73,959
134
-
134‌
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.800%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/29/28
36,746
(131)
-
(131‌)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.815%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/28/28
73,490
(264)
-
(264‌)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.818%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/28/28
36,746
(134)
-
(134‌)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.823%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
6/2/28
36,745
(176)
-
(176‌)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.860%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/27/28
73,490
(309)
-
(309‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
35
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.880%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/8/28
84,465
37
-
37‌
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.880%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/9/28
184,921
67
-
67‌
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.880%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/26/28
36,745
(169)
-
(169‌)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.888%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/9/28
73,959
16
-
16‌
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.893%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/9/28
73,959
9
-
9‌
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.900%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/26/28
36,745
(183)
-
(183‌)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.915%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/26/28
36,745
(193)
-
(193‌)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.920%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/26/28
36,745
(197)
-
(197‌)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.923%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/26/28
36,745
(199)
-
(199‌)
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.931%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/22/28
30,058
(145)
-
(145‌)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.490%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/7/30
80,800
526
-
526‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
36
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.420%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
39,274
478
-
478‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.423%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
39,273
469
-
469‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.425%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
39,274
462
-
462‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.443%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
42,415
428
-
428‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.450%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
39,274
369
-
369‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.486%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
21,526
342
-
342‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.490%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
21,526
335
-
335‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.507%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
6/14/34
99,387
14
-
14‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.510%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
6/14/34
95,013
(10)
-
(10‌)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.539%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
43,164
413
-
413‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
37
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.543%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
45,322
416
-
416‌
Total
United
States
4,496‌
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
4,496‌
Total
Centrally
Cleared
Swaps
17,994‌
Net
payments
(receipts)
of
variation
margin
to
date
(17,569‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
425‌
*
Credit
ratings
as
of
June
30,
2026.
Ratings
shown
are
from
Moody's
Investors
Service
and
if
Moody's
does
not
rate
a
security,
then
Standard
&
Poor's
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody's
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$42.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
38
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
7/10/26
KRW
103,599,338‌
USD
68,626‌
$
(1,717‌)
Bank
of
America
7/10/26
KZT
5,864,992‌
USD
12,159‌
72‌
Bank
of
America
7/10/26
NGN
7,924,091‌
USD
5,717‌
(6‌)
Bank
of
America
7/24/26
USD
122,383‌
NOK
1,161,101‌
5,122‌
Bank
of
America
7/24/26
USD
129,218‌
NZD
219,102‌
4,675‌
Bank
of
America
10/16/26
USD
8,006‌
SGD
10,239‌
30‌
Barclays
Bank
7/16/26
TRY
985,795‌
USD
20,296‌
559‌
Barclays
Bank
7/16/26
USD
20,348‌
TRY
985,795‌
(507‌)
BNP
Paribas
7/24/26
USD
59,559‌
AUD
85,090‌
674‌
BNP
Paribas
7/24/26
USD
17,647‌
EUR
14,932‌
569‌
BNP
Paribas
7/24/26
USD
873,198‌
GBP
646,311‌
15,913‌
BNP
Paribas
9/11/26
USD
40,708‌
THB
1,320,274‌
726‌
Citibank
7/10/26
KES
1,052,950‌
USD
7,960‌
165‌
Citibank
7/10/26
KZT
8,841,697‌
USD
18,532‌
(93‌)
Citibank
7/10/26
NGN
44,848,563‌
USD
31,959‌
365‌
Citibank
7/10/26
USD
7,995‌
KES
1,052,950‌
(130‌)
Citibank
7/10/26
USD
9,311‌
ZMW
168,245‌
15‌
Citibank
7/10/26
ZMW
168,245‌
USD
8,560‌
736‌
Citibank
7/17/26
RSD
89,939‌
USD
885‌
(10‌)
Citibank
7/17/26
USD
61,649‌
HUF
19,280,577‌
(226‌)
Citibank
7/17/26
USD
54,341‌
RSD
5,488,186‌
943‌
Citibank
7/24/26
USD
88,546‌
EUR
77,657‌
(274‌)
Citibank
7/24/26
USD
87,331‌
GBP
65,397‌
587‌
Citibank
8/7/26
ARS
3,752,222‌
USD
2,560‌
(87‌)
Citibank
8/7/26
UAH
259,700‌
USD
5,827‌
(68‌)
Citibank
9/14/26
EGP
1,583,109‌
USD
28,610‌
2,550‌
Citibank
10/9/26
ZMW
168,245‌
USD
9,280‌
(45‌)
Deutsche
Bank
7/10/26
USD
10,590‌
IDR
182,860,560‌
377‌
Deutsche
Bank
8/7/26
UAH
88,573‌
USD
1,976‌
(12‌)
Deutsche
Bank
8/7/26
USD
33,186‌
CLP
29,805,570‌
838‌
Goldman
Sachs
7/10/26
IDR
148,259,050‌
USD
8,239‌
41‌
Goldman
Sachs
7/10/26
KRW
63,160,160‌
USD
41,242‌
(451‌)
Goldman
Sachs
7/10/26
USD
21,218‌
IDR
362,522,605‌
970‌
Goldman
Sachs
7/10/26
USD
111,696‌
KRW
166,759,497‌
3,995‌
Goldman
Sachs
7/17/26
HUF
13,212,124‌
USD
40,810‌
1,590‌
Goldman
Sachs
7/17/26
MXN
300,090‌
USD
17,265‌
(129‌)
Goldman
Sachs
7/17/26
USD
244,974‌
MXN
4,279,583‌
604‌
Goldman
Sachs
7/24/26
CAD
9,457‌
USD
6,666‌
10‌
Goldman
Sachs
7/24/26
NOK
705,115‌
USD
74,147‌
(2,936‌)
Goldman
Sachs
7/24/26
NZD
12,029‌
USD
7,070‌
(232‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
39
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Goldman
Sachs
7/24/26
USD
98,281‌
EUR
84,376‌
$
1,776‌
Goldman
Sachs
7/24/26
USD
57,882‌
NOK
549,710‌
2,366‌
Goldman
Sachs
7/24/26
USD
64,705‌
NZD
109,546‌
2,436‌
Goldman
Sachs
8/7/26
CLP
31,354,580‌
USD
35,293‌
(1,263‌)
Goldman
Sachs
9/11/26
USD
39,977‌
THB
1,299,802‌
615‌
Goldman
Sachs
10/16/26
USD
9,028‌
SGD
11,501‌
70‌
HSBC
Bank
7/10/26
IDR
991,836,022‌
USD
55,372‌
23‌
HSBC
Bank
7/10/26
USD
16,578‌
IDR
285,244,777‌
647‌
HSBC
Bank
7/24/26
USD
52,823‌
EUR
45,385‌
914‌
HSBC
Bank
7/24/26
USD
29,806‌
GBP
22,161‌
411‌
HSBC
Bank
7/24/26
USD
75,055‌
JPY
12,081,476‌
606‌
HSBC
Bank
7/24/26
USD
64,736‌
NZD
112,181‌
969‌
HSBC
Bank
8/7/26
USD
65,924‌
CLP
59,462,112‌
1,389‌
HSBC
Bank
9/11/26
USD
44,246‌
THB
1,441,806‌
583‌
JPMorgan
Chase
7/10/26
USD
2,106‌
IDR
35,872,390‌
103‌
JPMorgan
Chase
7/24/26
GBP
2,186‌
USD
2,890‌
10‌
JPMorgan
Chase
7/24/26
USD
17,388‌
JPY
2,750,523‌
439‌
Morgan
Stanley
7/24/26
USD
66,386‌
NZD
111,759‌
2,860‌
NatWest
Bank
7/24/26
USD
2,614‌
EUR
2,242‌
50‌
RBC
Dominion
Securities
8/7/26
USD
33,173‌
CLP
29,954,598‌
663‌
RBC
Dominion
Securities
10/16/26
USD
8,576‌
SGD
10,915‌
75‌
Standard
Chartered
7/10/26
USD
16,038‌
IDR
273,594,741‌
758‌
Standard
Chartered
7/24/26
USD
4,892‌
EUR
4,160‌
133‌
State
Street
7/24/26
USD
6,504‌
EUR
5,581‌
120‌
State
Street
7/24/26
USD
6,821‌
GBP
5,144‌
(3‌)
State
Street
10/16/26
USD
8,354‌
SGD
10,657‌
53‌
Toronto-Dominion
Bank
7/24/26
USD
4,421‌
CAD
6,025‌
168‌
Toronto-Dominion
Bank
7/24/26
USD
271,881‌
GBP
201,098‌
5,139‌
UBS
Investment
Bank
7/10/26
USD
42,817‌
INR
4,038,933‌
176‌
UBS
Investment
Bank
7/10/26
USD
58,594‌
INR
5,554,732‌
(49‌)
UBS
Investment
Bank
7/17/26
HUF
6,068,453‌
USD
18,656‌
819‌
UBS
Investment
Bank
7/17/26
HUF
11,032,823‌
USD
35,908‌
(501‌)
UBS
Investment
Bank
7/17/26
MXN
1,018,627‌
USD
58,582‌
(417‌)
UBS
Investment
Bank
7/17/26
USD
36,122‌
HUF
11,032,823‌
715‌
UBS
Investment
Bank
7/17/26
USD
49,624‌
MXN
872,200‌
(180‌)
UBS
Investment
Bank
7/17/26
USD
23,626‌
ZAR
390,548‌
(182‌)
UBS
Investment
Bank
7/24/26
GBP
14,010‌
USD
18,755‌
(172‌)
UBS
Investment
Bank
7/24/26
USD
7,605‌
GBP
5,749‌
(21‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
40
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
7/24/26
USD
19,788‌
NOK
188,248‌
$
777‌
UBS
Investment
Bank
7/24/26
USD
79,190‌
NZD
135,623‌
2,099‌
UBS
Investment
Bank
9/30/26
SEK
9,912‌
USD
1,031‌
(4‌)
Wells
Fargo
8/7/26
CLP
6,737,776‌
USD
7,550‌
(238‌)
Wells
Fargo
9/2/26
USD
254,979‌
BRL
1,314,316‌
4,244‌
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
64,379‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
41
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
6,235
Commonwealth
of
Australia
ten
year
bond
contracts
9/26
474,061
$
6,832‌
Short,
3,851
Euro
BOBL
contracts
9/26
(507,690)
(3,193‌)
Short,
2,199
Euro
BTP
contracts
9/26
(299,876)
(3,177‌)
Short,
2,920
Government
of
Canada
ten
year
bond
contracts
9/26
(249,350)
(2,393‌)
Short,
26,661
U.S.
Treasury
Notes
five
year
contracts
9/26
(2,853,977)
(8,194‌)
Short,
10,893
U.S.
Treasury
Notes
ten
year
contracts
9/26
(1,197,039)
(8,966‌)
Long,
1,299
Ultra
U.S.
Treasury
Bonds
contracts
9/26
150,887
(1,017‌)
Short,
5,350
Ultra
U.S.
Treasury
Notes
ten
year
contracts
9/26
(601,708)
(7,719‌)
Net
payments
(receipts)
of
variation
margin
to
date
38,311‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
10,484‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
42
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
June
30,
2026.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
3.69%
$
-‌
$
-‌
$
12,121‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66%
-‌
-‌
-‌++
Totals
$
-‌#
$
-‌
$
12,121‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/25
Purchase
Cost
Sales
Cost
Value
6/30/26
T.
Rowe
Price
Government
Reserve
Fund,
3.69%
$
658,657‌
¤
¤
$
298,212‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66%
19,436‌
¤
¤
8,784‌
Total
$
306,996‌^
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$12,121
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$306,996.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
June
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
43
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$4,764,819)
$
4,687,504‌
Unrealized
gain
on
forward
currency
exchange
contracts
74,332‌
Interest
receivable
62,947‌
Variation
margin
receivable
on
futures
contracts
10,484‌
Unrealized
gain
on
bilateral
swaps
9,781‌
Foreign
currency
(cost
$4,716)
4,499‌
Cash
2,461‌
Due
from
affiliates
1,645‌
Receivable
for
shares
sold
1,107‌
Receivable
for
investment
securities
sold
564‌
Variation
margin
receivable
on
centrally
cleared
swaps
425‌
Bilateral
swap
premiums
paid
35‌
Other
assets
38‌
Total
assets
4,855,822‌
Liabilities
Payable
for
investment
securities
purchased
34,988‌
Bilateral
swap
premiums
received
28,206‌
Options
written
(premiums
$31,275)
17,536‌
Unrealized
loss
on
forward
currency
exchange
contracts
9,953‌
Obligation
to
return
securities
lending
collateral
8,784‌
Payable
for
shares
redeemed
6,476‌
Investment
management
fees
payable
1,879‌
Payable
to
directors
3‌
Other
liabilities
216‌
Total
liabilities
108,041‌
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
4,747,781‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
June
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
44
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
619,662‌
)
Paid-in
capital
applicable
to
622,680,276
shares
of
$0.01
par
value
capital
stock
outstanding;
18,000,000,000
shares
of
the
Corporation
authorized
5,367,443‌
NET
ASSETS
$
4,747,781‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$72,611;
Shares
outstanding:
9,502,370)
$
7.64‌
Advisor
Class
(Net
assets:
$157;
Shares
outstanding:
20,587)
$
7.61‌
I
Class
(Net
assets:
$618,325;
Shares
outstanding:
81,089,602)
$
7.63‌
Z
Class
(Net
assets:
$4,056,688;
Shares
outstanding:
532,067,717)
$
7.62‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Statement
of
Operations
45
($000s)
6
Months
Ended
6/30/26
Investment
Income
(Loss)
Income
.
Interest
(net
of
foreign
taxes
of
$1,043)
$
122,192‌
Dividend
12,707‌
Securities
lending
42‌
Other
6‌
Total
income
134,947‌
Expenses
Investment
management
10,838‌
Shareholder
servicing
Investor
Class
$
97‌
Advisor
Class
1‌
I
Class
33‌
131‌
Prospectus
and
shareholder
reports
I
Class
3‌
Z
Class
2‌
5‌
Custody
and
accounting
328‌
Legal
and
audit
116‌
Registration
79‌
Directors
6‌
Miscellaneous
32‌
Waived
/
paid
by
Price
Associates
(
9,482‌
)
Total
expenses
2,053‌
Net
investment
income
132,894‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Statement
of
Operations
46
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/26
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$(10))
(
48,989‌
)
Futures
105,435‌
Swaps
(
21,677‌
)
Options
written
37,866‌
Forward
currency
exchange
contracts
(
53,815‌
)
Foreign
currency
transactions
1,673‌
Net
realized
gain
20,493‌
Change
in
net
unrealized
gain
/
loss
Securities
(
47,132‌
)
Futures
(
49,429‌
)
Swaps
47,146‌
Options
written
12,567‌
Forward
currency
exchange
contracts
71,677‌
Other
assets
and
liabilities
denominated
in
foreign
currencies
(
975‌
)
Change
in
net
unrealized
gain
/
loss
33,854‌
Net
realized
and
unrealized
gain
/
loss
54,347‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
187,241‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
47
($000s)
6
Months
Ended
6/30/26
Year
Ended
12/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
132,894‌
$
230,631‌
Net
realized
gain
(loss)
20,493‌
(
200,206‌
)
Change
in
net
unrealized
gain
/
loss
33,854‌
101,137‌
Increase
in
net
assets
from
operations
187,241‌
131,562‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(
2,162‌
)
(
4,115‌
)
Advisor
Class
(
5‌
)
(
8‌
)
I
Class
(
19,266‌
)
(
24,288‌
)
Z
Class
(
122,675‌
)
(
168,327‌
)
Tax
return
of
capital
-
-
Investor
Class
-‌
(
1,221‌
)
Advisor
Class
-‌
(
2‌
)
I
Class
-‌
(
6,816‌
)
Z
Class
-‌
(
48,261‌
)
Decrease
in
net
assets
from
distributions
(
144,108‌
)
(
253,038‌
)
Capital
share
transactions
*
Shares
sold
Investor
Class
17,658‌
30,741‌
I
Class
135,088‌
206,308‌
Z
Class
668,101‌
355,613‌
Distributions
reinvested
Investor
Class
2,122‌
5,275‌
Advisor
Class
5‌
10‌
I
Class
19,070‌
30,894‌
Z
Class
122,104‌
216,650‌
Shares
redeemed
Investor
Class
(
24,386‌
)
(
71,006‌
)
Advisor
Class
(
42‌
)
-‌
I
Class
(
139,150‌
)
(
196,686‌
)
Z
Class
(
257,009‌
)
(
295,781‌
)
Increase
in
net
assets
from
capital
share
transactions
543,561‌
282,018‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
48
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/26
Year
Ended
12/31/25
Net
Assets
Increase
during
period
586,694‌
160,542‌
Beginning
of
period
4,161,087‌
4,000,545‌
End
of
period
$
4,747,781‌
$
4,161,087‌
*Share
information
(000s)
Shares
sold
Investor
Class
2,328‌
3,962‌
I
Class
17,870‌
26,777‌
Z
Class
88,716‌
46,067‌
Distributions
reinvested
Investor
Class
281‌
681‌
Advisor
Class
1‌
1‌
I
Class
2,531‌
4,004‌
Z
Class
16,203‌
28,071‌
Shares
redeemed
Investor
Class
(
3,214‌
)
(
9,154‌
)
Advisor
Class
(
5‌
)
-‌
I
Class
(
18,447‌
)
(
25,311‌
)
Z
Class
(
34,035‌
)
(
38,388‌
)
Increase
in
shares
outstanding
72,229‌
36,710‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
49
T.
Rowe
Price
International
Funds,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Dynamic
Global
Bond
Fund
(the
fund)
is a
nondiversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks high
current
income.
The
fund
has four classes
of
shares:
the
Dynamic
Global
Bond
Fund
(Investor
Class),
the
Dynamic
Global
Bond
Fund-Advisor
Class
(Advisor
Class),
the
Dynamic
Global
Bond
Fund-I
Class
(I
Class)
and
the
Dynamic
Global
Bond
Fund-Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor,
I
and
Z
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
50
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
as
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class's
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class's
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class's
average
daily
net
assets;
during
the
six
months
ended
June
30,
2026,
the
Advisor
Class
incurred
less
than
$1,000
in
these
fees.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
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NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
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Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
are
generally traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund's portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decides whether
it
is
necessary
to
adjust
T.
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quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
or how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund's
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee's
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee's
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee's
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
T.
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54
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
-‌
$
3,680,326‌
$
-‌
$
3,680,326‌
Asset-Backed
Securities
-‌
37,479‌
3,403‌
40,882‌
Bank
Loans
-‌
38,082‌
7,383‌
45,465‌
Common
Stocks
-‌
145‌
-‌
145‌
Convertible
Preferred
Stocks
12,089‌
-‌
-‌
12,089‌
Corporate
Bonds
-‌
468,974‌
12,543‌
481,517‌
Non-U.S.
Government
Mortgage-Backed
Securities
-‌
21,472‌
6,344‌
27,816‌
Private
Investment
Company
2
-‌
-‌
-‌
16,558‌
Short-Term
Investments
298,212‌
55,560‌
-‌
353,772‌
Securities
Lending
Collateral
8,784‌
-‌
-‌
8,784‌
Options
Purchased
-‌
20,150‌
-‌
20,150‌
Total
Securities
319,085‌
4,322,188‌
29,673‌
4,687,504‌
Swaps*
-‌
48,131‌
-‌
48,131‌
Forward
Currency
Exchange
Contracts
-‌
74,332‌
-‌
74,332‌
Futures
Contracts*
6,832‌
-‌
-‌
6,832‌
Total
$
325,917‌
$
4,444,651‌
$
29,673‌
$
4,816,799‌
Liabilities
Options
Written
$
-‌
$
17,536‌
$
-‌
$
17,536‌
Swaps*
-‌
48,527‌
-‌
48,527‌
Forward
Currency
Exchange
Contracts
-‌
9,953‌
-‌
9,953‌
Futures
Contracts*
34,659‌
-‌
-‌
34,659‌
Total
$
34,659‌
$
76,016‌
$
-‌
$
110,675‌
1
Includes
Convertible
Bonds,
Government
Bonds,
Municipal
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
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NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
June
30,
2026,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund's
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund's
derivative
instruments
held
as
of
June
30,
2026,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
2
In
accordance
with
Subtopic
820-10,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
hierarchy.
The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Portfolio
of
Investments.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
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($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Inflation
derivatives
Centrally
Cleared
Swaps
$
6,606‌
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures,
Securities^
47,142‌
Foreign
exchange
derivatives
Forwards,
Securities^
76,125‌
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps,
Securities^
5,095‌
Equity
derivatives
Bilateral
Swaps,
Securities^
14,477‌
^
,*
Total
$
149,445‌
^
,*
Liabilities
Inflation
derivatives
Centrally
Cleared
Swaps
$
2,110‌
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
59,307‌
Foreign
exchange
derivatives
Forwards,
Options
Written
20,797‌
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps,
Options
Written
21,787‌
Equity
derivatives
Options
Written
6,674‌
Total
$
110,675‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
^
Options
purchased
are
reported
as
securities
and
are
reflected
in
the
accompanying
Portfolio
of
Investments.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
58
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2026,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Inflation
derivatives
$
-‌
$
-‌
$
-‌
$
-‌
$
(4,978‌)
$
(4,978‌)
Interest
rate
derivatives
(15,070‌)
5,529‌
105,435‌
-‌
(14,236‌)
81,658‌
Foreign
exchange
derivatives
(14,731‌)
19,420‌
-‌
(53,815‌)
-‌
(49,126‌)
Credit
derivatives
(1,090‌)
4,383‌
-‌
-‌
3,798‌
7,091‌
Equity
derivatives
(5,265‌)
8,534‌
-‌
-‌
(6,261‌)
(2,992‌)
Total
$
(36,156‌)
$
37,866‌
$
105,435‌
$
(53,815‌)
$
(21,677‌)
$
31,653‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
59
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Change
in
Unrealized
Gain
(Loss)
Inflation
derivatives
$
-‌
$
-‌
$
-‌
$
-‌
$
16,344‌
$
16,344‌
Interest
rate
derivatives
8,382‌
-‌
(49,429‌)
-‌
13,978‌
(27,069‌)
Foreign
exchange
derivatives
10,563‌
(223‌)
-‌
71,677‌
-‌
82,017‌
Credit
derivatives
96‌
268‌
-‌
-‌
12,853‌
13,217‌
Equity
derivatives
(29,866‌)
12,522‌
-‌
-‌
3,971‌
(13,373‌)
Total
$
(10,825‌)
$
12,567‌
$
(49,429‌)
$
71,677‌
$
47,146‌
$
71,136‌
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
60
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs), with
a
Credit
Support
Annex
(CSA),
if
any,
that
governs
the
collateralization
process, or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
such
as
Additional
Termination
Events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund's
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements,
such
as
a
CSA, whereas
FX
letters
do
not.
Variation
margin
amounts
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
variation
margin
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Initial
margin
amounts
are
determined
on
a
daily
basis
and
calculated
in
accordance
to
global
regulations
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
an
initial
margin
threshold
(typically
$50,000,000
per
counterparty)
and
a
minimum
transfer
amount
of
$100,000
to
$500,000
when
initial
margin
amounts
exceed
the
counterparty
threshold.
Any
additional
initial
margin
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Variation
margin
and
initial
margin
are
collectively
referred
to
as
collateral.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
and
by
the
governments
of
Canada,
France,
Germany,
Japan,
or
the
United
Kingdom,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund's
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund's
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
61
For
bilateral
derivatives,
collateral
posted
by
the
fund
is
held
in
a
segregated
account
at
the
fund's
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2026,
securities
valued
at $269,888,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
The
following
table
summarizes
the
fund's
OTC
and
bilateral
derivatives
at
the
reporting
date
by
loss
exposure
to
each
counterparty
after
consideration
of
collateral,
if
any.
($000s)
Gross
Value
on
Statements
of
Assets
and
Liabilities
Net
amount
due
(to)/from
Counterparty
or
Exchange
Collateral
Pledged
(Received)
by
Fund
Loss
Exposure,
After
Collateral*
(not
less
than
$0)
Counterparty
Assets
Liabilities
Bank
of
America
$
9,899‌
$
(6,334‌)
$
3,565‌
$
(5,150‌)
$
-‌
Barclays
Bank
727‌
(1,199‌)
(472‌)
432‌
-‌
BNP
Paribas
17,882‌
-‌
17,882‌
(20,474‌)
-‌
Citibank
5,361‌
(3,572‌)
1,789‌
(1,684‌)
105‌
Deutsche
Bank
1,215‌
(12‌)
1,203‌
(1,190‌)
13‌
Goldman
Sachs
18,135‌
(23,743‌)
(5,608‌)
7,071‌
1,463‌
HSBC
Bank
5,542‌
(772‌)
4,770‌
(5,062‌)
-‌
JPMorgan
Chase
7,296‌
(4,051‌)
3,245‌
(3,556‌)
-‌
Morgan
Stanley
6,550‌
-‌
6,550‌
(8,048‌)
-‌
NatWest
Bank
50‌
-‌
50‌
-‌
50‌
RBC
Dominion
Securities
791‌
(18‌)
773‌
(614‌)
159‌
Standard
Chartered
891‌
-‌
891‌
(1,001‌)
-‌
State
Street
173‌
(3‌)
170‌
-‌
170‌
Toronto-Dominion
Bank
5,307‌
-‌
5,307‌
(5,450‌)
-‌
UBS
Investment
Bank
11,453‌
(6,971‌)
4,482‌
(5,936‌)
-‌
Wells
Fargo
4,244‌
(238‌)
4,006‌
(4,561‌)
-‌
Total
$
95,516‌
$
(46,913‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
62
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund's
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund's
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund's
total
return;
and
the
potential
for
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
June
30,
2026,
the
volume
of
the
fund's
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
52%
and
67%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
*
In
situations
such
as
counterparty
default
or
bankruptcy,
the
fund
may
have
further
rights
of
offset
against
amounts
due
to
or
from
the
counterparty
under
other
agreements.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
63
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
June
30,
2026,
the
volume
of
the
fund's
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
49%
and
122%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk,
foreign
currency
exchange
rate
risk,
credit
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
options)
or
through
a
central
clearinghouse
(exchange-traded
options).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
currency
options
give
the
holder
the
right,
but
not
the
obligation,
to
buy
and
sell
currency
at
a
specified
exchange
rate;
although
certain
currency
options
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract.
In
return
for
a
premium
paid,
call
and
put
options
on
futures
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
position
in
a
particular
futures
contract
at
a
specified
exercise
price.
In
return
for
a
premium
paid,
call
and
put
index
options
give
the
holder
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
64
the
right,
but
not
the
obligation,
to
receive
cash
equal
to
the
difference
between
the
value
of
the
reference
index
on
the
exercise
date
and
the
exercise
price
of
the
option.
In
return
for
a
premium
paid,
options
on
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
in
terms
of
a
fixed
interest
rate;
generally,
there
is
no
upfront
payment
to
open
the
position. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values,
interest
rates,
currency
values
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
June
30,
2026,
the
volume
of
the
fund's
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
116%
and
190%
of
net
assets.
Swaps
The
fund
is
subject
to
interest
rate
risk,
credit
risk,
inflation
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risks.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
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of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Interest
rate
swaps
are
agreements
to
exchange
cash
flows
based
on
the
difference
between
specified
interest
rates
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
interest
rate
swaps
include
the
potential
for
unanticipated
movements
in
interest
or
currency
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets'
valuation
of
credit
quality.
As
of
June
30,
2026,
the
notional
amount
of
protection
sold
by
the
fund
totaled $1,368,338,000
(28.8%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
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Zero-coupon
inflation
swaps
are
agreements
to
exchange
cash
flows,
on
the
contract's
maturity
date,
based
on
the
difference
between
a
predetermined
fixed
rate
and
the
cumulative
change
in
the
consumer
price
index,
both
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
zero-coupon
inflation
swaps
include
the
potential
for
unanticipated
movements
in
inflation
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
Total
return
swaps
are
agreements
in
which
one
party
makes
payments
based
on
a
set
rate,
either
fixed
or
variable,
while
the
other
party
makes
payments
based
on
the
return
of
an
underlying
asset
(reference
asset),
such
as
an
index,
equity
security,
fixed
income
security
or
commodity-based
exchange-
traded
fund,
which
includes
both
the
income
it
generates
and
any
change
in
its
value.
Risks
related
to
the
use
of
total
return
swaps
include
the
potential
for
unfavorable
changes
in
the
reference
asset,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
June
30,
2026,
the
volume
of
the
fund's
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
89%
and
292%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
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accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund's
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
"high
yield"
or
"junk"
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-
grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
The
fund
also
invests
in
stripped
MBS,
created
when
a
traditional
MBS
is
split
into
an
interest-only
(IO)
and
a
principal-only
(PO)
strip.
MBS,
including
IOs
and
POs, are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
IOs
also
risk
loss
of
invested
principal
from
faster-than-anticipated
prepayments.
Bank
Loans
The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment-grade
and
often
involve
borrowers
whose
financial
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condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
cash
and
repays
the
credit
when
the
borrower
has
excess
cash.
Certain
loans
may
be
"covenant-lite"
loans,
which
means
the
loans
contain
fewer
maintenance
covenants
than
other
loans
(in
some
cases,
none)
and
do
not
include
terms
which
allow
the
lender
to
monitor
the
performance
of
the
borrower
and
declare
a
default
if
certain
criteria
are
breached.
As
a
result
of
these
risks,
the
fund's
exposure
to
losses
may
be
increased.
Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers'
discretion
at
a
later
date
(e.g.
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower's
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
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changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
fund,
except
in
the
event
of
borrower
default. Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
June
30,
2026,
the
value
of
loaned
securities
was
$10,116,000;
the
aggregate
value
of
collateral
was
$10,615,000
and
consisted
of
cash
collateral
and
related
investments
of
$8,784,000
and
U.S.
government
securities
of
$1,831,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term
and
U.S.
government securities
aggregated $2,004,382,000 and
$1,342,470,000,
respectively,
for
the
six
months ended
June
30,
2026. Purchases
and
sales
of
U.S.
government
securities
aggregated $643,573,000 and
$525,832,000,
respectively,
for
the
six
months ended
June
30,
2026.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
70
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
December
31,
2025,
the
fund
had
$484,994,000
of
available
capital
loss
carryforwards.
At
June
30,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$4,747,298,000.
Net
unrealized
gain
aggregated
$25,000
at
period-end,
of
which
$206,339,000
related
to
appreciated
investments
and
$206,314,000
related
to
depreciated
investments.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.20%
of
the
fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
71
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets. At
June
30,
2026,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
and
Advisor
Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
by
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval by
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class'
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
72
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund's
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended June
30,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $4,000 remain
subject
to
repayment
by
the
fund
at
June
30,
2026. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
six
months
ended
June
30,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$65,000
for
Price
Associates;
$90,000
for
T.
Rowe
Price
Services,
Inc.;
and
less
than
$1,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Investor
Class
Advisor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.84%
0.90%
0.05%
0.00%
Expense
limitation
date
02/29/28
02/29/28
02/29/28
N/A
(Waived)/repaid
during
the
period
($000s)
$-
$(1)
$-
$(9,481)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
73
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
June
30,
2026, approximately
33%
of
the
I
Class's
and
100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2026,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price Group
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
74
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
75
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
Each
year,
the
fund's
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreement
(Subadvisory
Contract)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
(Subadviser)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
11-12,
2026
(Meeting),
the
Board,
including
all
of
the
fund's
independent
directors
who
were
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund's
Advisory
Contract
and
Subadvisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadviser
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadviser
about
various
topics
and
information
provided
to
it
by
the
Adviser.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds'
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadviser.
These
services
include,
but
are
not
limited
to,
directing
the
fund's
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund's
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance
and
infrastructure,
as
well
as
compliance
with
new
and
evolving
regulatory
requirements
(e.g.,
derivatives
and
liquidity
risk
management);
maintaining
the
fund's
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser's
and
Subadviser's
senior
management
teams
and
investment
personnel
involved
in
the
management
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
76
of
the
fund,
as
well
as
the
Adviser's
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board's
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund's
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
(as
applicable)
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2025.
Additionally,
the
Board
reviewed
the
fund's
relative
performance
information
as
of
September
30,
2025,
which
ranked
the
returns
of
the
fund's
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
investment
company
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund's
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund's
performance,
length
of
the
fund's
performance
track
record,
and
how
closely
the
fund's
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund's
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board's
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadviser)
may
have
realized
from
its
relationship
with
the
fund,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that
the
Adviser
may
use
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds'
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-
dealers
that
execute
the
applicable
fund's
portfolio
transactions.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
77
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser's
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
potentially
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
management
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components
-
a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
mutual
funds
and
ETFs
(including
the
fund)
("group
fee
rate
assets")
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund's
average
daily
net
assets
-
and
the
fund
pays
its
own
expenses
of
operations.
Under
the
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
group
fee
schedule
is
graduated
so
the
group
fee
rate
decreases
as
total
group
fee
rate
assets
increase
and
the
group
fee
rate
increases
as
total
group
fee
rate
assets
decrease.
As
a
result,
shareholders
benefit
from
overall
growth
in
T.
Rowe
Price
fund
assets,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund's
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
management
fees
and/or
bear
any
operating
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class's
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
The
fund
also
offers
a
Z
Class,
which
serves
as
an
underlying
investment
within
certain
T.
Rowe
Price
fund
of
fund
arrangements.
The
Adviser
waives
its
management
fee
on
the
Z
Class
and
waives
or
bears
the
Z
Class's
other
operating
expenses,
with
certain
exceptions.
The
Board
considered
whether
the
management
fee
and
operating
expense
waivers
on
the
Z
Class
may
present
a
means
for
cross-
subsidization
of
the
Z
Class
by
other
share
classes
of
the
fund.
In
that
regard,
the
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
78
Board
noted
that
the
Z
Class
operating
expenses
are
covered
by
the
all-inclusive
fees
charged
by
the
investing
T.
Rowe
Price
fund
of
funds
and
that
any
Z
Class
operating
expenses
not
covered
by
the
investing
T.
Rowe
Price
funds
of
funds'
fees
are
paid
by
the
Adviser
and
not
by
shareholders
of
any
other
share
class
of
the
fund.
In
addition,
the
Board
noted
that
the
fund
shares
in
potential
economies
of
scale
through
the
Adviser's
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
management
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
potential
economies
of
scale
with
the
fund
and
its
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
and
total
expenses
of
the
fund's
Investor
Class
and
I
Class
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees
and
total
expenses
of
the
fund's
Investor
Class
and
I
Class
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund's
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
for
the
fund's
Investor
Class
indicated
that
the
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe),
and
the
fund's
total
expenses
ranked
in
the
second
quintile
(Expense
Group
and
Expense
Universe).
The
information
provided
to
the
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
79
Board
for
the
fund's
I
Class
indicated
that
the
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe),
and
the
fund's
total
expenses
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe).
The
Board
was
provided
the
fee
schedules
and
other
account
fee
information
for
certain
comparable
investment
portfolios
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios
that
are
not
registered
investment
companies,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules
and
account
fee
information,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser's
responsibilities
and
services
provided
to
subadvisory
clients
and
other
types
of
clients,
including
information
about
how
the
requirements,
economics
and
risks
of
the
domestic
and
international
businesses
may
differ
from
those
of
the
proprietary
mutual
fund
and
ETF
("registered
fund")
business.
The
Board
considered
information
showing
that
the
Adviser's
proprietary
registered
fund
business
is
generally
more
complex
from
a
business
and
regulatory
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser's
proprietary
registered
fund
business.
In
assessing
the
reasonableness
of
the
fund's
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
registered
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution's
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
80
Approval
of
the
Advisory
Contract
and
Subadvisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F35-051
8/26

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 16. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)

The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR.

    (2)

Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

    (3)

Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)

A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price International Funds, Inc.
By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date  August 19, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By

/s/ David Oestreicher

David Oestreicher    
Principal Executive Officer
Date 

August 19, 2026

By

/s/ Alan S. Dupski

   
Alan S. Dupski
Principal Financial Officer
Date 

August 19, 2026

T. Rowe Price International Funds Inc. published this content on August 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 24, 2026 at 12:56 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]